Electronic systems and methods for providing a trading interface with advanced features

ABSTRACT

Systems and methods for a trading interface with advanced features are provided. Along with providing the benchmark issue and non-benchmark issues, the trading application may also provide the trader with the ability to obtain trading information (e.g., another quad) for each of the related U.S. Treasury swaps (“T-swaps”), off-the-runs, yield curve T-swaps, and basis. In some embodiments, the trader may be provided with a customized keyboard to navigate through the trading interface. The keyboard preferably includes keys that allow the trader to quickly and efficiently switch between multiple issues in a quad. Using the keyboard, the trader may also be provided with price improvement functionality and direct dealing functionality. In some embodiments, the trading application may simultaneously display a DD ticker along with the trading quadrant that provides the trader with the progression of the direct dealings of the selected issue.

CROSS-REFERENCE TO RELATED APPLICATION

This application is a continuation of U.S. application Ser. No.10/699,859 filed Oct. 31, 2003 (claims the benefit of U.S. provisionalapplication No. 60/423,618, filed Oct. 31, 2002, which is herebyincorporated by reference herein in its entirety.

BACKGROUND OF THE INVENTION

This invention relates to trading application program interfaces. Moreparticularly, this invention relates to a trading interface havingadvanced features.

Electronically based trading systems have gained widespread popularityin recent years. Such trading systems are frequently used for tradingitems ranging from financial instruments (such as stocks, bonds,currency, futures contracts, etc.) to household goods (such as oldrecords, antiques, wines, etc.). In many of these trading systems,bid/offer-hit/take processes are used to negotiate a sale of a givenitem. In connection with such processes, bids and/or offers for itemsare entered into a trading system and a hit or take is submitted inresponse to a bid or an offer, respectively, to agree to a sale.

Today, these trading systems are being developed with advancedprocessing circuitry and sufficient memory to support new types ofsoftware applications not previously envisioned. A challenge created bythe new types of software applications is the ability to offer advancedfeatures consistent with users' expectations of a trading interfaceenvironment.

Many implementations of electronic trading, while generally accurate,lack in desired speed mainly because traders are forced to use both astandard keyboard and a mouse to execute a trade. This dual processcauses much delay for traders because the traders must follow severalsteps prior to executing a trade. For example, many traders usingtypical trading systems are required to click on an issue of choice,click on a buy or a sell button, and use the keyboard to enter a priceand size for the trade.

The benefit of using a keyboard to execute a trade is that a trader mayexecute a trade with a great deal more speed than with a mouse.Specifically, with a keyboard, the trader may use all ten fingers, whilewith a mouse the trader may use two fingers at most.

Despite the drawbacks associated with using a mouse, many traderscontinue to use a mouse because it is considered easy to use, and thustraders feel that they are less likely to make unwarranted tradingmistakes with a mouse. Because trading professionals frequently havelarge amounts of money at stake when trading, many professionals preferto forgo speed and efficiency for peace of mind.

While mouse-based interfaces have existed for years, these interfaceshave put traders using them at a disadvantage when competing withfull-time keyboard traders. One reason the existing mouse-basedinterfaces place those traders at a disadvantage is that those tradersare forced to physically move a mouse pointer from an indicator for adesired instrument, that is at some given point on a trading screen, tosome other point on the screen where bidding/offering and buying/sellingcommands can be entered. This approach is very time-consuming andadditionally distracts traders from focusing on market movements andother trades while they attempt to execute their trades.

Furthermore, traders may be interested in Treasuries other than the mostrecently issued Treasuries (i.e., the benchmark issue). The mostrecently issued Treasuries are said to be on-the-run. Other Treasuriesare said to be off-the-run (i.e., non-benchmark issues). Becauseoff-the-run Treasuries may lack liquidity, they routinely trade atspreads over comparable on-the-run Treasuries. Consequently, off-the-runTreasuries trade at slightly lower prices and higher yields.

Trading systems vary in the type and scope of features that theyprovide. Typical trading systems allow traders to trade on a benchmarkor a non-benchmark issue by selecting the issue of choice, using a mouseto select a buy or a sell button, and using the keyboard to enter aprice and size for the trade. One drawback of these trading systems isthat non-benchmark issues are not easily accessible from the relatedbenchmark issue.

In view of the foregoing, it would be desirable to provide enhancedfeatures and applications for a trading interface environment thatenables a trader to execute trades on benchmark issues and non-benchmarkissues quickly, efficiently, and accurately without the use of apointing device.

SUMMARY OF THE INVENTION

In accordance with this and other objects of the invention, a tradinginterface having advanced features is provided. More particularly, inaccordance with this invention, the trader can use various tradinginterfaces to create orders, manipulate orders, cancel orders, cyclethrough multiple issues, obtain trading information more relevant thanlimit price stacks (e.g., through different types of quadrants), orefficiently buy or sell items inside or within the spread market.

Traders may use a customized keyboard to navigate through the tradinginterface. The keyboard preferably includes issue keys that arepre-programmed to reflect the issues present in each trading quadrant,or “quad,” where key trading indicators are displayed. Using the issuekeys on the keyboard, the trader may direct the trading application toquickly and efficiently switch between multiple issues in a quad (e.g.,the benchmark issue and non-benchmark issues).

Using the keyboard, the trader may also be provided with priceimprovement functionality. The keyboard preferably includes a priceimprovement (“PI”) key. If desired, the PI key may be a BEST PI key.Submitting an order with a BEST PI level by, for example, pressing thePI key, may automatically allow the order to jump in front of otherprices in the market, including other price improved prices.

The trader may also be provided with direct dealing or request for quotefunctionality. More particularly, the keyboard preferably includes adirect dealing (“DD”) key. Using the DD key along with other keys on thekeyboard, the trader may perform such functions as request a quote,respond with a price, cancel a response, amend a response, or accept aresponse. In some embodiments, the trading application maysimultaneously display a DD ticker along with the trading quadrant thatprovides the trader with the progression of the direct dealings of theselected issue.

Trading interfaces may also be provided. In response to initiating thetrading application, the trading application may display the fourbenchmark U.S. Treasury bonds in a four quad layout. Each quad providesthe trader with trading information. Each quad may also includenon-benchmark issues that may be selected, for example, in response to atrader pressing one of the issue keys on the keyboard. The tradingapplication may also provide the trader with the ability to obtaintrading information (e.g., in the form of another quad) for each of therelated U.S. Treasury swaps (“T-swaps”), off-the-runs, yield curveT-swaps, and basis.

BRIEF DESCRIPTION OF THE DRAWINGS

The above and other objects and advantages of the invention will beapparent upon consideration of the following detailed description, takenin conjunction with accompanying drawings, in which like referencerefers to like parts throughout, and in which:

FIG. 1 is a block diagram of a system that may be used to implementprocesses and functions of certain embodiments of the present invention;

FIG. 2 is a block diagram of a workstation, a server, and a back officeclearing center that may be used to implement the processes andfunctions of certain embodiments of the present invention;

FIG. 3 is an illustrative schematic view of a keyboard that may be usedto implement the processes and functions of certain embodiments of thepresent invention;

FIGS. 4 and 5 are illustrative interfaces that include trading quadrantsfor interactive trading that may be generated in accordance with certainembodiments of the present invention;

FIG. 6 is a flow diagram of a process that may be used to allow tradersto switch between multiple issues in a trading quadrant in accordancewith certain embodiments of the present invention; and

FIG. 7 is a flow diagram of a process that may be used to providetraders with updated direct dealing content in accordance with certainembodiments of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

This invention relates to systems and methods for providing a tradinginterface with advanced features. The following embodiment of theinvention relates to the electronic trading of fixed income relatedinstruments—e.g., such as the United States Treasuries, United KingdomGilts, European Government Treasuries, and Emerging Market debts, swaps,repos, etc. This invention may also be used for the electronic tradingof securities or other financial instruments, such as stocks orcurrencies, and is not limited only to the trading of fixed incomerelated instruments. Nevertheless, this embodiment does not limit theinvention to this particular subject matter. Rather, it is provided forillustration of the invention and not to limit it to a particularcommodity or market.

It should also be noted that although the following embodiment of theinvention relates to the trading of a single instrument, such as 30 YearU.S. Treasury bonds, this embodiment is not limited only to the tradingof a single instrument. Rather, the invention may also be applied to thetrading of a basket of instruments. For example, traders may placeoffers on the net price movements of the current two and five year U.S.Treasury notes.

It should also be noted that the present invention is primarilydescribed herein in terms of a trading application. It will beunderstood that the trading application may be any suitable, software,hardware, or both configured to implement the features of the presentinvention. The trading application may be located at a central location(e.g., a central server). In another suitable approach, the tradingapplication may reside among different locations (e.g., a network).

Although the trading application is described herein as beingimplemented on user computer equipment, this is only illustrative. Thetrading application may be implemented on any suitable platform (e.g.,personal computer, palmtop computer, laptop computer, personal digitalassistant, cellular phone, etc.) to provide such features.

Further details of the invention are described below with respect toFIGS. 1-5.

Referring to FIG. 1, exemplary system 100 for implementing the presentinvention is shown. As illustrated, system 100 may include one or moreworkstations 102. Workstations 102 may be local or remote, and areconnected by one or more communications links 104 to communicationsnetwork 103 that is linked via communications links 108 to server 110.Server 110 is linked via communications link 112 to back office clearingcenter 114.

In system 100, server 110 may be any suitable server, processor,computer, or data processing device, or combination of the same. Server110 may be used to process and settle executed trades, and distributetrade and market information to workstations 102.

Communications network 106 may be any suitable computer networkincluding the Internet, an intranet, a wide-area network (WAN), alocal-area network (LAN), a wireless network, a digital subscriber line(DSL) network, a frame relay network, an asynchronous transfer mode(ATM) network, a virtual private network (VPN), or any combination ofany of the same. Communications links 104 and 108 may be anycommunications links suitable for communicating data betweenworkstations 102 and server 108, such as network links, dial-up links,wireless links, hard-wired links, etc.

Workstations 102 may be personal computers, laptop computers, mainframecomputers, dumb terminals, data displays, Internet browsers, PersonalDigital Assistants (PDAs), two-way pagers, wireless terminals, portabletelephones, etc., or any combination of the same. Workstations 102 maybe used to enter into and proceed with the trades that relate to thepresent invention, and display trade, benchmark, or spread informationto traders of system 100.

Back office clearing center 114 may be any suitable equipment, such as acomputer, a laptop computer, a mainframe computer, etc., or anycombination of the same, for causing trades to be cleared and/orverifying that trades are cleared. Communications link 112 may be anycommunications links suitable for communicating data between server 110and back office clearing center 114, such as network links, dial-uplinks, wireless links, hard-wired links, etc.

The server and the back office clearing center, and one of theworkstations, which are depicted in FIG. 1, are illustrated in moredetail in FIG. 2. Referring to FIG. 2, workstation 102 may includeprocessor 202, display 204, input device 206, and memory 208, which maybe interconnected. In a preferred embodiment, memory 208 contains astorage device for storing a workstation program for controllingprocessor 201. Memory 208 also preferably contains a trading application210 in accordance with the present invention.

As shown in FIG. 2, trading application 210 may include an applicationprogram interface 212. Alternatively, as described above, tradingapplication 210 may be resident in the memory of server 110. In suchembodiments, the electronic trading system may contain tradingapplication 210 and application program interface 212 as an applicationthat is discrete from the trading application, which also may beincluded therein. The only distribution to the trader may be a GUI whichallows the trader to interact with graphical trading interfaceapplication 210 resident at server 110.

Processor 202 may use the workstation program to present on display 204trade information relating to bids, offers, executed trades, and luxuryitem information to a trader of workstation 102. Furthermore, inputdevice 206 may be used by the trader to enter such bids and offers,modify them, and to enter into trades involving the futures and/oroptions contracts.

Server 110 may include processor 220, display 222, input device 224, andmemory 226, which may be interconnected. In a preferred embodiment,memory 226 contains a storage device for storing trade informationrelating to the trades. The storage device further contains a serverprogram for controlling processor 220. Processor 220 uses the serverprogram to transact the purchase and sale of the futures and/or optionscontracts.

Back office clearing center 114 may include processor 228, display 230,input device 232, and memory 234, which may be interconnected. In apreferred embodiment, memory 234 contains a storage device for storing aclearing program for controlling processor 228. Processor 228 uses theclearing program to clear executed trades. Clearing executed trades maypreferably include exchanging currency for a future commitment or afuture option.

Input device 206 of workstation 102 may be used by traders inconjunction with display 204 to execute and monitor trades. It should benoted that trading is highly fluid and fast paced. Efficient inputsystems are important to effectuate the multiple options and to permitsthese levels of efficiency. Accordingly, input device 206 may include akeyboard with advanced features 300, as illustrated in FIG. 3.

FIG. 3 is an illustrative schematic view of a keyboard in someembodiments of the present invention. Keys, such as the lower twelveissue keys 310, on keyboard 300 are preferably color-coded and labeled.In some embodiments, the programmable issue keys may be color-coded todifferentiate each group of issue keys. For example, a group of issuekeys (e.g., the “issue 1.1” key, the “issue 1.2” key, and the “issue1.3” key) may be colored gray, while the next group of issue keys (e.g.,the “issue 2.1” key, the “issue 2.2” key, and the “issue 2.3” key) maybe colored dark gray.

The lower twelve issue keys 310 are preferably pre-programmed to reflectthe issues present in each trading quadrant, or “quad,” where keytrading indicators are displayed. A trader may use keyboard 300 toswitch between multiple issues in a quad (e.g., the benchmark issue andnon-benchmark issues). An illustrative trading quadrant is shown, forexample, in FIG. 4. The four buy keys 315 and the four sell keys 320 mayalso be pre-programmed to match or complement each issue key. In someembodiments, each key may also be programmed using a MOD function. TheMOD function may be implemented by, for example, pressing a function keyalong with a red MOD key 325.

In some embodiments, keyboard 300 may also include price improvementfunctionality. Price improvement, in accordance with the presentinvention, enables one or more traders to improve on an existing markettrading price. For example, consider a market in which several buyersand sellers are submitting bids and offers for a selected item at apredetermined price. When one of the traders hits or lifts a bid/offerposted by another trader, thereby activating the active trader's side ofthe market for that item, the price at which the trader hit or liftedthe bid becomes the “touch” price of the market. The touch price is theactive market price for a selected item. Once a trade has beeninitiated, other traders may submit orders that improve on the touchprice. When a trader submits a price improved order on a selected item,that trader may “jump in front” of other traders in a buying or sellingstack. When an order “jumps in front” of other orders or is put on topof the stack, that order is in a position to be executed (e.g., used tofill an order) first when a buyer decides to buy or a seller decides tosell. A stack lists various order sizes for a particular item, and istypically arranged according to a predefined set of parameters.

As shown in FIG. 3, keyboard 300 includes a PI key 330 that provides thetrader with the price improvement functionality. If desired, the PI keymay be a BEST price improvement key. Submitting an order with a BESTprice improvement level by, for example, pressing PI key 330, mayautomatically allow the order to jump in front of other prices in marketthat includes other price improved prices. The BEST price improvementfunction increases the order price at any suitable increment (e.g.,0.25, 0.50, 0.75, etc.) that is more aggressive than the price currentlyat the top of the stack. In response to the trader pressing PI key 330multiple times, the price improvement function may be toggled toincrease the order price at a predetermined increment (e.g., 0, 0.25,0.50, 0.75, etc.).

Systems and methods for providing price improvement in an active tradingmarket are also described, for example, in co-pending, commonly-assignedSweeting U.S. patent application Ser. No. 10/171,009, filed Jun. 11,2002, which is hereby incorporated by reference herein in its entirety.

In some embodiments, keyboard 300 may also include direct dealing(hereinafter “DD”), or request for quote functionality. In DD styletrading, there are requestors and responders. A requestor may enter arequest to deal on a particular item at the midpoint of the spreadmarket, thereby providing an affirmative interest to trade at themidpoint. The requestor may enter a request with a specific midprice buyor sell order, or a requestor may request a midprice order to trade aspecified size without indicating an interest to buy or sell. Aresponder may respond to that request by submitting an order to buy orsell the item at the midprice.

As shown in FIG. 3, keyboard 300 includes a DD key 330 that provides thetrader with the direct dealing functionality. Direct dealings pertainingto each tab in the quad (e.g., tabs 426-432 in quad 410 of FIG. 4) maybe accessible by, for example, pressing DD key 330. For example, inresponse to a trader viewing the “off-the-run issues” (by selecting the“off-the-run” tab), the trading application may provide the trader withthe direct dealings (or request for quotes) pertaining to theoff-the-run issues.

Using DD key 330 and the other keys on keyboard 300, the trader mayperform such functions as request a quote, respond with a price, cancela response, amend a response, or accept a response. For example, torequest a quote, the trader may press one of the issue keys 310 and thenpress DD key 330. The user may be prompted to enter a size. In responseto entering a size and pressing one of the buy keys 315 or sell keys320, the trading application may request a quote based on the enteredinformation. In another example, the trader may direct the tradingapplication to scroll through available direct dealings by pressing DDkey 330 multiple times.

Systems and methods for providing a trading interface with a request forquote (RFQ) functionality are also described, for example, inco-pending, commonly-assigned Gilbert et al. U.S. patent applicationSer. No. 10/113,841, filed in Mar. 29, 2002, which is herebyincorporated by reference herein in its entirety.

In some embodiments, keyboard 300 may include a VIEW key. In response toa trader pressing the VIEW key, the trading application may provide thetrader with available views of the quad. For example, in response to thetrader pressing an issue key, the trading application may provide thetrader with the associated quad. In response to the trader subsequentlypressing the VIEW key, the selected quad may cycle between differentviews (e.g., a curve quad, a t-swaps quad, an olds quad, etc.). Curves,such as a yield curve, may be used by traders to view the overallmovement of interest rates or yields. In some embodiments, the quad mayinitially display the view that the trader last displayed.

However, any other suitable approach may also be used for displaying thequad. For example, the trading application may display the view that thetrader most frequently viewed or the most popular view.

In some embodiments, keyboard 300 may include a STATUS TOGGLE key. Inresponse to a trader pressing the STATUS TOGGLE key, the tradingapplication may provide the trader with the trade history of the item orinstrument. In response to the trader pressing the STATUS TOGGLE keymultiple times, the trading application may cycle or toggle throughdifferent information relating to the item or instrument, such as, forexample, the active orders for the item or instrument, the markethistory, or the status of the item or instrument.

Keyboard 300 also preferably includes a SHIFT key and an ALT key. TheSHIFT key may direct the trading application to provide the trader witha snapshot or summary of the limit order stacks for the selected item orinstrument. The ALT key may allow the trader to further program otherfunctionality into keyboard 300. For example, a trader may implementother functions by, for example, holding down the ALT key and anotherkey.

In some embodiments, the trading application may retrieve a keyboardmapping file from, for example, the trader's workstation. The tradingapplication may read the keyboard mapping file and assign the keys ofkeyboard 300 to particular functions and/or macros. In some embodiments,the trading application may allow the trader to edit the keyboardmapping file to customize keyboard 300.

In the foregoing specification, keyboard 300 has been described withreference to specific embodiments. It will be understood that thearrangement of the keys, the color-coding of the keys, the key labels,and the functionality of the keys are illustrative examples. However,one of ordinary skill in the art appreciates that various modificationsand changes can be made without departing from the scope of the presentinvention as set forth in the claims below. Accordingly, thespecification and figures are to be regarded in an illustrative ratherthan a restrictive sense, and all such modifications are intended to beincluded within the scope of present invention.

As described previously, issue keys 310 are preferably pre-programmed toreflect the issues present in a trading quadrant, or “quad,” where keytrading indicators are displayed. A trader may use issue keys 310 todirect the trading application to switch between multiple issues in aquad.

FIGS. 4 and 5 show illustrative interfaces for interactive trading thatare adapted for implementing systems and methods according to thepresent invention. In response to initiating the trading interface, thetrading application may display the four benchmark U.S. Treasury bondsin a four quad layout. As shown in FIG. 4, the trading interface hasfour quads 410, 440, 450, and 460 which provide trading informationrelated to the two year U.S. Treasury note, the five year U.S. Treasurynote, the ten year U.S. Treasury note, and the thirty year U.S. Treasurybond, respectively.

Each quad provides the trader with trading information. As shown in thetwo year U.S. Treasury note quad 410, quad 410 includes a headline 412.Headline 412 is preferably adapted to include the price that should beinitially aggressed to start a trade or the actual aggressed trade. Ineither case, the headline is generally located at the top of the quad.The headline may include the item (e.g., “USG_(—)02Y), the price, thesize, and the last price for the benchmark issue. The benchmark issue(also referred to herein as the “on-the-run issue”) is the most recentlyauctioned Treasury issues for each maturity. Also shown in quad 410 arebid and offer stacks 414 and 416, respectively. Bid and offer stacks 414and 416 may indicate the size of one or many market participants thatare bidding or offering at the current price.

As shown in FIG. 4, under the benchmark issue, the trading applicationmay provide the trader with a T-swaps lock price 418 (e.g., L 100.032)on the benchmark. (T-Swap trading relates to a chosen price movementrelationship between two different instruments). Quad 410 may alsoinclude any other suitable trading information, such as market depthinformation, which shows price and size for items that have not yet beentraded.

The T-swaps lock price 418 is L 100.032 in FIG. 3. As known in the art,U.S. Treasury bonds are traded at a percentage of a bond's face value.This percentage is typically broken down into 32nds of a point andfractions thereof. The prices shown in FIGS. 4 and 5 represent the wholenumber portion and the percentage being traded. For example, considerthe price “100.032.” The number left of the decimal point (“100”) isequivalent to the whole number portion of the price and the number rightof the decimal point (“032”) is equivalent to the fractional portion.More particularly, the first two digits right of the decimal point(“03”) represent the number of 32nds and the third digit represents thenumber of 8ths of a 32nd. In this case, the fraction appended to thewhole number portion of the price is 3/32nd and 2/8th of a 32nd. Notethat some prices may have “+” in the third digit right of the decimalpoint. The “+” may represent 4/8ths of a 32nd or half a 32nd, and may bedisplayed in this instance instead of a “4.”

Quad 410 and other quads generally may also include non-benchmark issues420, 422, and 424 (e.g., issue 1.1, issue 1.2, and issue 1.3) that maybe selected in response to the trader, for example, pressing one of theissue keys 310 on keyboard 300.

The trading application may also provide the trader with tabs for eachof the related U.S. Treasury Swaps (T-swaps), off-the-runs (i.e.,Treasury bonds issued before the most recently issued bond of aparticular maturity), yield curve T-swaps, and basis. As shown in FIG.4, each quad 410, 440, 450, and 460 includes a “Basis” tab 426, a“Swaps” tab 428, an “Olds” tab 430, and a “Curve” tab 432.

In response to the trader selecting “Basis” tab 426, the tradingapplication may provide the trader with a basis quad. The basis quadpreferably contains the benchmark issue, “one-old” basis item orinstrument, and the cheapest-to-deliver (CTD) bond.

When a bond matures, the seller has to deliver the underlyinginstrument. It is necessary to deliver a bond with the samecharacteristics. In some embodiments, certain futures contracts mayrequire cash delivery. That is, a requirement of certain futurescontracts is that the underlier should not be delivered to the buyer atmaturity, and instead the value of the underlier should be paid out.Accordingly, a seller preferably finds the CTD bond from bonds availablein the basket of deliverable bonds.

Generally, if the yield for the CTD bond changes by a given amount, thebenchmark issue's yield also changes by a similar amount. It should benoted that the CTD bond may change quarterly. In some embodiments, theCTD bond may change intra-quarter.

In response to the trader selecting “Swaps” tab 428, the tradingapplication may provide the trader with a treasury swaps (“T-swaps”)quad. The T-swaps quad preferably includes the three most recentbenchmark bonds, where the oldest benchmark bond is replaced by theusg+0XY/XY T-swap (e.g., usg+05Y/05Y) when it becomes available. TheT-swaps quad may also include the “pick up” and “give up” indicatedyield spreads. The T-swaps quad, similar to the benchmark quad describedpreviously and generally other quads, includes the T-swaps lock pricebond and its associated lock price.

In response to the trader selecting “Olds” tab 430, the tradingapplication may provide the trader with an off-the-runs quad. Theoff-the-run quad preferably includes the three most recent benchmarkbonds, where the oldest benchmark bond is replaced by the usg+0XYinstrument (e.g., usg+05Y) when it becomes available.

In response to the trader selecting “Curve” tab 432, the tradingapplication may provide the trader with a curve quad. The curve quadpreferably includes the yield curve T-swaps relevant to the benchmarkselected. Yield curves provide traders with comparisons of the interestrate on instruments of different maturity. For example, if a traderthinks it is riskier to buy a bond with fifteen years until it maturesthan a bond with five years of life, the trader will demand a higherinterest rate (i.e., yield) on the longer-dated bond. If such is thecase, the yield curve will slope upwards from the shorter maturities(the left side of the curve) to right. Generally, the yield curve slopesupward because traders demand compensation for the added risk of holdinglonger-term instruments. Information may be gleaned from changes in thespreads between yields on bonds of different maturities and on differentsorts of bonds with the same maturity.

The information contained in each quad is as follows, where the issuelisted in the replacement column replaces the previous instrument (e.g.,the top off-the-run bond) when it becomes available or active:

TABLE 1 Item OLDS Replacement Swaps Replacement Curve  2Y usg-302Y usg +02Y usg-302Y/2Y usg + 02Y/2Y usg_02Y/5Y usg-202Y usg-202Y/2Y usg_02Y/10Yusg-102Y usg-102Y/2Y usg_02Y/30Y  5Y usg-305Y usg + 05Y usg-305Y/5Yusg + 05Y/5Y usg_02Y/5Y usg-205Y usg-205Y/5Y usg_05Y/10Y usg-105Yusg-105Y/5Y usg_05Y/30Y 10Y usg-310Y usg + 10Y usg-310Y/10Y usg +10Y/10Y usg_02Y/10Y usg-210Y usg-210Y/10Y usg_05Y/10Y usg-110Yusg-110Y/10Y usg_10Y/30Y 30Y usg-330Y usg + 30Y usg-330Y/30Y usg +30Y/30Y usg_02Y/30Y usg-230Y usg-230Y/30Y usg_05Y/30Y usg-130Yusg-130Y/30Y usg_10Y/30Y

As described previously, the trading application may also provide thetrader with direct dealing functionality. The trading application inwhich each quad operates may determine which DD orders, if any, arematched to each other. In order for DD orders to match, two orders haveto be contra or opposite to each other. A buy DD order is contra to asell DD order.

For example, assume that the requesting midprice DD order is a buy DDorder with a size of 100. After the midprice interest is displayed, oneor more market participants or traders may submit a midprice DD order(e.g., responding DD orders). If a second midprice DD order is a buyorder for 100, that order is queued behind the initial order. Becauseboth the initial and second orders are buy orders, the requesting orderis queued first because it was submitted before the second order. If amidprice DD sell order of size 150 is received, the initial buy order ismatched with a portion of the sell order and half of the second buyorder is used to fill the sell order. As a result, a buy DD order ofsize 50 is currently available for midprice trading.

Each quad 410, 440, 450, and 460 preferably includes a direct dealing(“DD”) ticker 434. DD ticker 434 may include the orientation and size ofthe order. DD ticker 434 preferably changes its content according to theprogression of the direct dealing. Table 2 below shows several examplesof ticker content.

TABLE 2 On request B100 when requesting a price on 100 million to buyS100 when requesting a price on 100 million to sell T100 when requestinga price on 100 million two-way price M100 when requesting a bid/offerliquidity spread (“BOLS”) that includes a spread value (or a bid valueand an offer value that define a spread) -- i.e., make me a certainmarket spread and I will guarantee to trade On response B100 101.24+when the response is a bid for 100 million S100 101.24+ when theresponse is an offer (ask) for 100 million T100 101.24 +− 252 when theresponse is a 101.24+ bid, 101.252 offer in 100 million M100 101.24+−/252 when the (BOLS) response is 101.24+ bid, 101.252 ask in 100million On acceptance/rejection t100 you traded 100 million m100 100million were traded, but you missed it c100 100 million direct dealingwas cancelled

It should be noted that the direct dealing ticker contains real-timeinformation on the progress of the direct dealing. The real-timeinformation relating to the direct dealing may be displayed using anysuitable approach.

FIG. 6 is a flow chart of an illustrative method involved in allowing atrader to switch between multiple issues (e.g., issue 1.1 to issue 1.2)in accordance with some embodiments of the present invention. This is ageneralized flow chart. It will be understood that the steps shown inFIG. 6 may be performed in any suitable order, some may be deleted, andothers added.

At step 600, the trading application may be initiated and may providethe trader with an initial display. The initial display may providetraders with opportunities to log in, or may provide traders with accessto other system features. In some embodiments, traders may be requiredto log in by, for example, entering a user name and a password. In otherembodiments, traders may not be required to log in to access thefeatures of the system.

At step 610, the trading application may display a trading quadrant(“quad”) that has a benchmark issue and multiple non-benchmark issues.The benchmark issue is currently selected. Along with providing thebenchmark issue and non-benchmark issues (e.g., issues 1.1, 1.2, and1.3), the trading application may also provide the trader with theability to obtain trading information (e.g., another quad) for each ofthe related U.S. T-swaps, off-the-runs, yield curve T-swaps, and basis.

At step 620, the trading application may provide the trader with theability to select one of the multiple non-benchmark issues by pressingthe associated issue key on the keyboard, such as keyboard 300, that ismapped to the selected non-benchmark issue. For example, the trader maydirect the trading application focus and display trading information onnon-benchmark issue 2.1 in response to the trader pressing the issue 2.1key on the keyboard. The issue 2.1 key is mapped to non-benchmark issue2.1.

FIG. 7 is a flow chart of an illustrative method involved in providing atrader with real-time direct dealing information in accordance with someembodiments of the present invention. This is a generalized flow chart.It will be understood that the steps shown in FIG. 7 may be performed inany suitable order, some may be deleted, and others added.

At step 700, the trading application may also provide the trader withdirect dealing functionality. The trading application may receive directdealing content for use in the trading quadrant. For example, a tradercan submit a midprice direct dealing order, thereby making a bid/offerat the midprice. Once the order is entered, the trading application maydisplay the start price (i.e., the midprice of the spread at the timethe midprice direct dealing order was entered). At step 710, in responseto receiving the direct dealing order, the trading application mayupdate the direct dealing content in the direct dealing ticker toindicate to other traders that a midprice direct dealing order has beensubmitted. Other traders may submit responses to the midprice request.That is, traders may respond by submitting a buy or sell command with aparticular size. Note that any number of traders may respond and thetime at which the traders respond determines when the response will bematched, if it is matched at all.

At step 720, the trading application may simultaneously display thetrading quadrant and the updated direct dealing ticker. In response toreceiving responses and matching requests with responses, the tradingapplication continuously updates the direct dealing content in thedirect dealing ticker, thereby providing traders with a real-timeprogression of the direct dealing.

Thus, systems and methods for providing a trading interface withadvanced features are provided. Persons skilled in the art willappreciate that the present invention can be practiced by other than thedescribed embodiments, which are presented for purposes of illustrationand not of limitation, and that the present invention is limited only bythe claims which follow.

1. A system for allowing traders to switch between multiple issues intrading quadrants, the system comprising: a display device; a keyboardthat has keys, wherein the keys include a key associated with abenchmark issue and a key associated with a non-benchmark issue; and aprocessor configured to: direct the display device to display a firsttrading quadrant having a benchmark issue; provide a trader with anopportunity to select the at least one non-benchmark issue that isrelated to the benchmark issue by pressing the key on the keyboard thatis mapped to the at least one non-benchmark issue; and direct thedisplay device to display trading information related to the selectednon-benchmark issue.
 2. The system of claim 1 wherein the keyboard has akey for price improvement.
 3. The system of claim 1 wherein the keyboardhas a key for direct dealing.
 4. The system of claim 1 wherein theprocessor is further configured to direct the display device to displaya second trading quadrant that includes information related to theselected non-benchmark issue.
 5. The system of claim 4 wherein thesecond trading quadrant is a Treasury swaps trading quadrant.
 6. Thesystem of claim 5 wherein the Treasury swaps trading quadrant includesat least three of the most recent benchmark issues.
 7. The system ofclaim 4 wherein the second trading quadrant is an off-the-run tradingquadrant.
 8. The system of claim 7 wherein the Treasury swaps tradingquadrant includes at least three of the most recent benchmark issues. 9.The system of claim 4 wherein the second trading quadrant is a yieldcurve trading quadrant.
 10. The system of claim 4 wherein the secondtrading quadrant is a basis trading quadrant.
 11. The system of claim 4wherein the second trading quadrant is a limit orders trading quadrant.12. A method for allowing a trader to switch between multiple issues ina trading quadrant, the method comprising: displaying a trading quadranthaving a benchmark issue; providing the trader with an opportunity toselect at least one non-benchmark issue that is related to the benchmarkissue by pressing a key on a keyboard that is mapped to the at least onenon-benchmark issue; and providing the trader with the selectednon-benchmark issue and trading information related to the selectednon-benchmark issue. 13-19. (canceled)
 20. A system for providing directdealing information, the system comprising: a server storage device; aserver processor connected to the server storage device, the serverstorage device storing a server program for controlling the serverprocessor, the server processor operative with the server program to:receive real-time direct dealing content for use in a trading quadrant;and simultaneously display the trading quadrant and a ticker thatcontains the received real-time direct dealing content; and a pluralityof workstations, each of the plurality of workstations operative tocommunicate with the server, each of the workstations comprising: aworkstation storage device; and a workstation processor connected to theworkstation storage device, the workstation storage device storing aworkstation program for controlling the workstation processor, theworkstation program operative to display the trading quadrant and theticker that contains the received real-time direct dealing content. 21.The system of claim 20 wherein the server program is further programmedto receive a midprice order to buy or sell an item at a price within aspread market and update the direct dealing content in the ticker. 22.The system of claim 20 wherein the server program is further programmedto update the direct dealing content in the ticker.
 23. The system ofclaim 20 wherein the ticker includes at least one request, wherein therequest includes an orientation and a size.
 24. The system of claim 20wherein the ticker includes at least one response, wherein the requestincludes an orientation and a size. 25-30. (canceled)